Revenue: As of FY2026 Q1, the actual value is USD 387.7 M, missing the estimate of USD 672.73 M.

EPS: As of FY2026 Q1, the actual value is USD 0.11, missing the estimate of USD 1.4091.

EBIT: As of FY2026 Q1, the actual value is USD 40 M.

First Quarter 2026 Financial Highlights

• Acquisition: Crane Company completed the acquisition of Antares Vision for approximately €362 million in cash on March 31, 2026.
• Net Sales (GAAP): Total net sales for the first quarter of 2026 were $387.7 million, an increase of 17.4% from $330.3 million in the first quarter of 2025.
• Organic Sales Growth: Organic sales grew by 5.6%, or $18.3 million, in the first quarter of 2026.
• Net Income (GAAP): Net income attributable to common shareholders was $6.4 million in Q1 2026, a decrease of -70.5% from $21.7 million in Q1 2025.
• Net Income Margin (GAAP): The net income margin was 1.7% in Q1 2026, down from 6.6% in Q1 2025, representing a decrease of -490 basis points.
• Adjusted EBITDA: Adjusted EBITDA increased by 22.3% to $74.7 million in Q1 2026, compared to $61.1 million in Q1 2025.
• Adjusted EBITDA Margin: The Adjusted EBITDA margin was 19.3% in Q1 2026, an increase of 80 basis points from 18.5% in Q1 2025.
• Operating Profit (GAAP): Total operating profit was $22.2 million in Q1 2026, down from $37.3 million in Q1 2025.
• Operating Profit Margin (GAAP): The operating profit margin was 5.7% in Q1 2026, down from 11.3% in Q1 2025.
• Corporate Expense: Corporate operating loss was -$24.3 million in Q1 2026, compared to -$14.8 million in Q1 2025.
• Interest Expense: Interest expense was -$17.8 million in Q1 2026, up from -$11.5 million in Q1 2025.
• Restructuring Charges: Restructuring charges were $3.1 million in Q1 2026, with no charges in Q1 2025.

Segment Performance (Three Months Ended March 31, 2026 vs. 2025)

Security and Authentication Technologies (SAT)

• Net Sales (GAAP): Net sales were $192.8 million, up 51.3% from $127.4 million in Q1 2025.
• Organic Sales: Organic sales increased by 22.4%, or $28.6 million.
• Acquisitions Impact: Acquisitions contributed $26.5 million, or 20.8%, to sales growth.
• Operating Profit (GAAP): Operating profit was $15.1 million, significantly up from $2.4 million in Q1 2025.
• Operating Profit Margin (GAAP): Operating profit margin increased to 7.8% from 1.9% in Q1 2025.
• Adjusted EBITDA: Adjusted EBITDA increased by 118.1% to $38.6 million from $17.7 million in Q1 2025.
• Adjusted EBITDA Margin: Adjusted EBITDA margin increased to 20.0% from 13.9% in Q1 2025.

Detection and Traceability Technologies (DTT)

• Net Sales (GAAP): Net sales were $194.9 million, down -4.0% from $202.9 million in Q1 2025.
• Organic Sales: Organic sales decreased by -5.1%, or -$10.3 million.
• Operating Profit (GAAP): Operating profit was $31.4 million, down -36.8% from $49.7 million in Q1 2025.
• Operating Profit Margin (GAAP): Operating profit margin decreased to 16.1% from 24.5% in Q1 2025.
• Adjusted EBITDA: Adjusted EBITDA decreased by -9.4% to $51.8 million from $57.2 million in Q1 2025.
• Adjusted EBITDA Margin: Adjusted EBITDA margin decreased to 26.6% from 28.2% in Q1 2025.

Cash Flow (Three Months Ended March 31, 2026 vs. 2025)

• Cash Used for Operating Activities (GAAP): Cash used for operating activities was -$14.0 million in Q1 2026, compared to -$19.1 million in Q1 2025.
• Capital Expenditures: Capital expenditures were -$10.1 million in Q1 2026, down from -$13.1 million in Q1 2025.
• Free Cash Flow: Free cash flow was -$24.1 million in Q1 2026, compared to -$32.2 million in Q1 2025.
• Adjusted Free Cash Flow: Adjusted free cash flow was -$18.9 million in Q1 2026, compared to -$30.5 million in Q1 2025.
• Dividends Paid: Dividends paid totaled -$10.3 million in Q1 2026, compared to -$9.7 million in Q1 2025.

Balance Sheet Metrics (March 31, 2026 vs. December 31, 2025)

• Cash and Cash Equivalents: Cash and cash equivalents were $228.3 million, down from $233.8 million at year-end 2025.
• Total Assets: Total assets increased to $3,640.4 million from $3,116.4 million.
• Long-term Debt: Long-term debt increased to $1,259.4 million from $1,004.4 million.
• Net Debt: Net debt was $1,311.5 million as of March 31, 2026.
• Net Leverage Ratio: The net leverage ratio was 2.9 as of March 31, 2026.

Order Backlog

• Total Backlog: Total backlog was $649.3 million as of March 31, 2026, up from $492.8 million as of December 31, 2025.
• SAT Backlog: SAT backlog was $428.5 million as of March 31, 2026, compared to $379.4 million at December 31, 2025.
• DTT Backlog: DTT backlog was $220.8 million as of March 31, 2026, including $98.9 million pertaining to the Antares Vision business acquired in March 2026.

Outlook / Guidance (Full Year 2026)

Crane Company updated its full-year 2026 sales guidance to a range of 15% to 17%, an increase from the initial guidance of +4% to +6%, inclusive of the Antares Vision acquisition. The company maintained its full-year Adjusted EPS guidance in the range of $4.10 to $4.40. Adjusted EBITDA Margin is projected to be approximately 24%, and Adjusted Free Cash Flow Conversion is expected to be between 90% and 110%.